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F-39
WINDSTREAM HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the years ended December 31,
(Millions) 2014 2013 2012
Cash Provided from Operations:
Net (loss) income $ (39.5) $ 241.0 $ 168.0
Adjustments to reconcile net (loss) income to net cash provided from
operations:
Depreciation and amortization 1,386.4 1,341.5 1,297.6
Provision for doubtful accounts 54.9 63.5 59.4
Share-based compensation expense 41.8 44.9 43.2
Pension expense (income) 128.3 (115.3) 67.4
Deferred income taxes (13.4) 134.8 79.0
Unamortized net premium on retired debt — (38.1) (16.2)
Amortization of unrealized losses on de-designated interest rate swaps 15.8 35.9 45.4
Gain from sale of software business — (14.4) —
Plan curtailment and other, net 6.8 (15.8) (25.7)
Changes in operating assets and liabilities, net
Accounts receivable (55.0) (46.4) (75.8)
Income tax receivable (1.6) 0.6 123.3
Prepaid expenses and other (3.3) (20.0) (29.3)
Accounts payable (13.1) (21.0) 63.6
Accrued interest (3.1) (10.2) (40.8)
Accrued taxes (9.0) (0.1) (10.9)
Other current liabilities 8.4 (49.0) 36.5
Other liabilities (21.5) (9.2) (5.8)
Other, net (15.6) (3.3) (1.3)
Net cash provided from operations 1,467.3 1,519.4 1,777.6
Cash Flows from Investing Activities:
Additions to property, plant and equipment (786.5) (841.0) (1,101.2)
Broadband network expansion funded by stimulus grants (13.3) (36.1) (105.4)
Changes in restricted cash 3.0 16.8 (4.8)
Grant funds received for broadband stimulus projects 33.2 68.0 45.7
Grant funds received from Connect America Fund 26.0 60.7 —
Network expansion funded by Connect America Fund (12.8) — —
Acquisition of a business (22.6) — —
Dispositions of software and energy businesses — 30.0 6.1
Disposition of wireless assets — — 57.0
Other, net 3.9 (6.0) 0.9
Net cash used in investing activities (769.1) (707.6) (1,101.7)
Cash Flows from Financing Activities:
Dividends paid to shareholders (602.2) (593.6) (588.0)
Repayments of debt and swaps (1,395.4) (5,161.0) (2,054.5)
Proceeds of debt issuance 1,315.0 4,919.6 1,910.0
Debt issuance costs — (30.0) (19.1)
Payments under capital lease obligations (26.8) (23.9) (20.0)
Other, net (9.2) (6.7) 0.7
Net cash used in financing activities (718.6) (895.6) (770.9)
Decrease in cash and cash equivalents (20.4) (83.8) (95.0)
Cash and Cash Equivalents:
Beginning of period 48.2 132.0 227.0
End of period $ 27.8 $ 48.2 $ 132.0
Supplemental Cash Flow Disclosures:
Interest paid $ 568.1 $ 609.4 $ 671.5
Income taxes (refunded) paid, net $ (8.8) $ 5.7 $ (100.7)
The accompanying notes are an integral part of these consolidated financial statements.